BIR EXTENDS 2019 ITR FILING, PAYMENT UNTIL MAY 30 + BPO INDUSTRY IN PH SEEN BENEFITTING AS FIRMS ABROAD CUT COSTS DUE TO PANDEMIC + VIRGIN GALACTIC TO RUN AS CRITICAL INFRASTRUCTURE BUSINESS DURING PANDEMIC
Other Relevant Tax Updates:
- BIR issuances on implementing rules on the grant of further benefits on donations, extension of application for renewal of Authority to Print (ATP), further extension of submission of position paper in reply to assessment notice, running of period of prescription, filing of tax returns, and deadline to avail tax amnesty on delinquencies in light of extended Enhanced Community Quarantine (ECQ)
- Tax & business-related news [April 9-17]
I. BIR ISSUANCES ON IMPLEMENTING RULES ON THE GRANT OF FURTHER BENEFITS ON DONATIONS, EXTENSION OF APPLICATION FOR RENEWAL OF AUTHORITY TO PRINT (ATP), FURTHER EXTENSION OF SUBMISSION OF POSITION PAPER IN REPLY TO ASSESSMENT NOTICE, RUNING OF PERIOD OF PRESCRIPTION, FILING OF TAX RETURNS, AND DEADLINE TO AVAIL TAX AMNESTY ON DELINQUENCIES IN LIGHT OF EXTENDED ENHANCED COMMUNITY QUARANTINE (ECQ)
IMPLEMENTING RULES ON THE GRANT OF FURTHER BENEFITS ON DONATIONS DURING ECQ
Revenue Regulations (RR) No. 9-2020 dated April 7, 2020, implements the tax exempt provisions of Republic Act (R.A.) No. 11469, otherwise known as the “Bayanihan to Heal as One Act” specifically granting further benefits on donations during the period of ECQ.
Highlights are as follow:
- Allows full deductibility of specific donations/gifts when given for the sole and exclusive purpose of combatting COVID 19 during the period of state of national emergency;
- Donees may be national government or any entity created by any of its agencies (including public hospitals) which is not conducted for profit, or to any political subdivision of the said government, including fully-owned government corporations, and accredited non-stock, non-profit educational and/or charitable, religious, cultural or social welfare corporation, institution, foundation, NGO, trust or philanthropic organization and/or research institution or organization;
- The above donation enjoys full deductibility regardless if covered by the National Economic Development Authority (NEDA)’s annual priority plan;
- Previous BIR documentary requirement of Notice of Donation is dispensed but supporting documents such as Deed of Donation and Certificate of Donation/BIR Form 2322 should be submitted to the respective Revenue District Office (RDO) within 60 days from the lifting of ECQ, except in the case of foreign donations;
- Donations shall not be treated as transaction deemed sale subject to VAT, and the corresponding input tax arising from the said donations shall be fully creditable against output VAT.
EXTENSION OF TIME OF APPLICATION FOR RENEWAL AND APPLICATION OF ATP
Revenue Memorandum Circular (RMC) No. 41-2020, dated April 8, 2020, extends the time of application for renewal and application of ATP receipts/invoices until May 13, 2020 or for 30 calendar days after the lifting of ECQ, whichever comes later. The circular now allows the use of receipts/invoices which expiration date falls within the ECQ period. However, the said receipts/invoices must be stamped with “Emergency Extension for Use until May 13, 2020”.
FURTHER EXTENSION OF DEADLINE TO SUBMIT POSITION PAPER ON BIR ASSESSMENT, RUNNING OF PERIOD OF PRESCRIPTIONS, AND FILING OF TAX RETURNS
RMC No. 39-2020, dated April 8, 2020, further extends the deadline of submission and/or filing and payment of certain documents and/or tax returns in light of the extended ECQ.
This includes the following:
- Filing of position paper in reply to BIR assessments-30 days from the date of lifting of ECQ;
- Suspension of running of Limitations/Prescriptions-60 days after the lifting of ECQ;
- Filing of Quarterly Percentage Tax Return (BIR Form 2550Q)-extended until May 25, 2020.
FURTHER EXTENSION OF DEADLINE TO AVAIL TAX AMNESTY ON DELINQUENCIES UNTIL JUNE 8, 2020
RMC No. 38-2020, dated April 8, 2020, further extends the deadline of availment of Tax Amnesty on Delinquencies until June 8, 2020, due to extension of ECQ until April 30, 2020.
II. TAX & BUSINESS-RELATED NEWS [APRIL 9-17]
- DOTr extends rental holiday for airport concessionaires
- SEC flags illegal “reseller” schemes
- GSIS opens online application for nationwide COVID-19 emergency loan program
- SEC to empower minority shareholders to call for meetings, set agenda
- Wave of loan restructurings seen
- Landbank offers loan package to help small firms recover
- Lazada: Grocery demand grew 15 times during lockdown
- Partial mall reopening may be allowed as Philippines lockdown eases: Pernia
- Coronavirus to have ‘large impact’ on Asia, emerging economies: IMF
- Mega sardines seeks to raise lockdown capacity to meet demand
- Third telco ‘on track’ to meet deadlines despite pandemic: DICT
- Infrastructure can lead calibrated lockdown lifting: business group
- LandBank releases P16 billion in cash aid to Philippines’ poorest
- The virtual doctor is in: Contactless consultations in the time of COVID-19
- DOLE lacks funds for cash aid of 1 million workers
- PWDs from Tahanang Walang Hagdan get aid amid COVID-19 lockdown
- Google to slow hiring for rest of 2020, CEO tells staff – Bloomberg
- Germany lifting some restrictions, death toll tops 131,000
- Fed warns of worsening economy as virus savages retail, factories
- Bezos, Zuckerberg join White House phone calls on reopening U.S. economy
- Ahead of new normal, more consumers click for rice, vegetables
- Without fanfare, Apple launches new iPhone for the budget-minded
- SSS to launch COVID-19 calamity loan program on April 24
- BIR extends 2019 ITR filing, payment until May 30
- SEC flags crypto, tech investment scams
- San Miguel opens online store for Purefoods, Magnolia, Monterey
- GrabFood PH head says Pinoys ordering ‘a lot more food’ since lockdown
- Labor dept to stop accepting cash aid applications as DOF begins wage subsidy program
- Gov’t, employers discuss minimum hazard pay for private hospital nurses, doctors amid viral post
- Build, Build, Build rail projects get IATF greenlight to proceed despite lockdown: Tugade
- Global creditors agree on debt relief for poor countries hit by COVID-19 pandemic
- Japan firm offers spouses apartments to avoid ‘coronavirus divorce’
- Non-essential businesses warned against reopening during lockdown
- Global airlines’ estimated coronavirus losses rise to $314 billion
- Pharma giants Sanofi, GSK working on COVID vaccine for 2021
- Manila HealthTek aims to produce 8,000 UP-developed coronavirus test kits daily
- Coronavirus pandemic causing deep recession, and it could get worse: IMF
- Pagcor transmits P14.5B to Office of President for COVID-19 fight
- SEC tightens rules on bulk corporate asset sale
- SEC gives foreign firms leeway on security deposits
- Top creditors to suspend poorest countries’ debt payments, France says
- Philippines eyes fresh borrowings to augment COVID-19 war chest: finance dept
- San Miguel builds COVID-19 isolation facilities near military hospitals
- PLDT extends payment periods, suspends disconnections until April 30
- Philippines to pay debt despite COVID-19 crisis: finance chief
- Budget dept.: P6.2 billion released to aid provincial response to COVID-19
- PAGCOR remits P6 billion more to COVID-19 response fund
- Government approves cash aid for small businesses’ workers
- Construction recovery from lockdown may take 1-2 months: Megawide
- Gov’t looking at localized reopening of economy after April 30 lockdown lapse: Leachon
- COVID-19 aid: Dominguez says no cash for middle class, but wage subsidies for MSMEs
- Locsin says nurses with existing contract abroad may now leave
- ‘Rice ATM’ feeds Vietnam’s poor during lockdown
- 8 billion released for cities, municipalities to fight COVID-19: DBM
- Not just masks: Lazada PH says demand for snacks surged amid COVID-19 crisis
- PLDT donating 30 vehicles to military’s COVID-19 frontliners
- Angat Dam has ‘enough’ water supply this summer: NWRB
- Spain readies reopening parts of economy
- ADB triples COVID-19 aid package to $20 Billion
- DOTr to use Lopez Group’s P100-M donation for quarantine center for seafarers, OFWs
- Transport dept’s COVID-19 efforts get P100M boost from Lopez Group
- Health workers right to travel ‘takes backseat’ to COVID-19 emergency: POEA
- Donut chains J.Co, Krispy Kreme reopen select stores for delivery, pickup
- Virgin Galactic to run as a critical infrastructure business during pandemic
- Saudi Arabia extends coronavirus curfew, UAE warns on worker repatriation
- Dentistry during Luzon lockdown: Emergency procedures only, triaging before treatment
- Disney World furloughing 43,000 workers
- China delays mask and ventilator exports after quality complaints
- San Miguel boss Ramon Ang’s son Jomar passes away
- Oil, equities slip as OPEC+ cut fails to lift confidence
- Top oil producers agree on ‘historic’ cuts amid coronavirus crisis
- BPO industry in Philippines seen benefitting as firms abroad cut costs due to pandemic
- Philippine Chamber bats for mass testing, food security, loans for small businesses
- ‘Soft landing’ for economy: Bangko Sentral signals deeper interest rate cuts
- Pandemic a ‘perfect storm’ for South Asia, World Bank says
- SM boss bats for ‘gradual return’ of businesses, transportation services
- Online ‘pabili’ answers lockdown needs, helps displaced drivers; PNP says violates guidelines
- Virtual palengke is ‘new normal’ during coronavirus lockdown
- ‘COVID-19 hit us in a very hard way’: Dominguez says negative growth in 2020 possible
- Duterte warns landlords, lessors vs evicting tenants amid COVID-19 crisis
- ‘Overwhelming reception’ causes Starbucks PH to pause operations anew
- BIR: Donations to COVID-19 response tax-deductible
- NEA backs electric co-ops’ plea for relief
DOTr extends rental holiday for airport concessionaires [Philippine Star, April 17, 2020]
Rental fees of concessionaires across all airports managed by the government will remain free until the end of the month, according to the Department of Transportation (DOTr).
SEC flags illegal “reseller” schemes [Philippine Daily Inquirer, April 16, 2020]
The Securities and Exchange Commission (SEC) has urged the investing public to be wary of individuals or groups hawking reseller business partnerships that may only be a front for unauthorized investment schemes.
Source: https://business.inquirer.net/294903/sec-flags-illegal-reseller-schemes
GSIS opens online application for nationwide COVID-19 emergency loan program [Philippine Daily Inquirer, April 16, 2020]
In a statement, the GSIS said it set aside over P30 billion for the emergency loan program for members and pensioners, who are taking financial hits from the impact of COVID-19.
SEC to empower minority shareholders to call for meetings, set agenda [Philippine Daily Inquirer, April 16, 2020]
Based on a draft memorandum circular released by the SEC on April 15, shareholders representing at least 10 percent of the public firm’s outstanding capital stock will henceforth have the right to call for a special stockholders’ meeting.
Wave of loan restructurings seen [Philippine Daily Inquirer, April 16, 2020]
Philippine banks are seen mostly willing to restructure, but not condone, debt incurred by businesses that are now under distress due to the COVID-19 pandemic.
Source: https://business.inquirer.net/294845/wave-of-loan-restructurings-seen
Landbank offers loan package to help small firms recover [Philippine Daily Inquirer, April 16, 2020]
Small and medium-sized enterprises (SMEs), cooperatives and microfinance institutions may avail themselves of loans being offered by the state-owned Land Bank of the Philippines to finance their recovery initiatives following the COVID-19 pandemic.
Source:https://business.inquirer.net/294849/landbank-offers-loan-package-to-help-small-firms-recover
Lazada: Grocery demand grew 15 times during lockdown [ABS-CBN News, April 16, 2020]
Lazada said Thursday demand for its grocery delivery service rose up to 15 times during the Luzon lockdown that forced millions to stay in their homes. Canned goods, rice, personal hygiene items, disinfectants and medical supplies are the most popular items on LazMart, Lazada Philippines CEO Ray Alimurung told ANC. Lazada is currently recruiting sellers of fresh food and frozen goods, he said.
Source:https://news.abs-cbn.com/business/04/16/20/lazada-grocery-demand-grew-15-times-during-lockdown
Partial mall reopening may be allowed as Philippines lockdown eases: Pernia [ABS-CBN News, April 16, 2020]
Socioeconomic Planning Secretary Ernesto Pernia said Thursday a “calibrated” reopening of shopping malls could be part of the partial easing of the Philippines’ coronavirus lockdown.
Coronavirus to have ‘large impact’ on Asia, emerging economies: IMF [ABS-CBN News, April 16, 2020]
The coronavirus pandemic will likely have a “large impact” on emerging economies including the Philippines, the International Monetary Fund said Thursday. Asia’s economy could grow at the slowest clip in the last 60 years, said Changyong Rhee, director of the IMF’s Asia and Pacific Department.
Mega sardines seeks to raise lockdown capacity to meet demand [ABS-CBN News, April 16, 2020]
Canned sardines maker Mega Global said Thursday it was working to increase capacity to meet heightened demand during the Luzon lockdown.
Third telco ‘on track’ to meet deadlines despite pandemic: DICT [ABS-CBN News, April 16, 2020]
Third telco DITO is “on track” to meet its commitments despite the 6-week lockdown of millions in Luzon to curb the coronavirus pandemic, the Department of Information and Communications Technology said Thursday.
Infrastructure can lead calibrated lockdown lifting: business group [ABS-CBN News, April 16, 2020]
Infrastructure projects and road works can resume under a calibrated lifting of the Philippines’ coronavirus lockdown, the head of one of the country’s largest business groups said Thursday.
LandBank releases P16 billion in cash aid to Philippines’ poorest [ABS-CBN News, April 16, 2020]
The Land Bank of the Philippines said Thursday it distributed P16 billion in cash aid to millions of poor families to help them cope with the COVID-19 lockdown.
The virtual doctor is in: Contactless consultations in the time of COVID-19 [ABS-CBN News, April 16, 2020]
Her finger painful and swollen, Yazhmin Malajito tapped on her smartphone for a cure, mindful that she needs to stay at home due to the coronavirus pandemic. In a few minutes, a doctor told her exactly what she needed to do.
DOLE lacks funds for cash aid of 1 million workers [ABS-CBN News, April 16, 2020]
The labor department said Thursday it lacked funds to give cash aid to some 1 million workers who suffered income loss during the nearly month-long lockdown of Luzon to halt the COVID-19 pandemic.
Source:https://news.abs-cbn.com/news/04/16/20/dole-lacks-funds-for-cash-aid-of-1-million-workers
PWDs from Tahanang Walang Hagdan get aid amid COVID-19 lockdown [ABS-CBN News, April 16, 2020]
More than 100 persons with disabilities (PWDs) on Wednesday received a month’s worth of food and hygiene kits from the Catholic Relief Services, a humanitarian agency of the US Catholic community.
Google to slow hiring for rest of 2020, CEO tells staff – Bloomberg [ABS-CBN News, April 16, 2020]
Google Chief Executive Officer Sundar Pichai told his staff on Wednesday that parent Alphabet Inc will slow hiring for the rest of the year, Bloomberg reported, citing an internal email.
Germany lifting some restrictions, death toll tops 131,000 [ABS-CBN News, April 16, 2020]
Germany on Wednesday unveiled plans to lift some restrictions imposed because of the coronavirus pandemic, becoming the first major European nation to take on the delicate task of reopening without triggering a new wave of infections.
Source:https://news.abs-cbn.com/overseas/04/16/20/germany-lifting-some-restrictions-death-toll-tops-131000
Fed warns of worsening economy as virus savages retail, factories [ABS-CBN News, April 16, 2020]
The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief Wednesday with new government data and a report from the Federal Reserve warning the bloodletting would continue.
Bezos, Zuckerberg join White House phone calls on reopening U.S. economy [ABS-CBN News, April 16, 2020]
Jeff Bezos, the chief executive of Amazon.com Inc, and Mark Zuckerberg, Facebook Inc’s CEO, on Wednesday participated in White House conference calls about how to reopen the U.S. economy in light of the coronavirus pandemic, company representatives said.
Ahead of new normal, more consumers click for rice, vegetables [ABS-CBN News, April 16, 2020]
Virtual markets that served as alternative trading platforms for Filipino farmers are now seeing a surge in orders, as those cocooned in their homes due to the COVID-19 pandemic do their grocery shopping online.
Without fanfare, Apple launches new iPhone for the budget-minded [ABS-CBN News, April 16, 2020]
Apple on Wednesday unveiled a new entry-level iPhone in a launch without fanfare, aiming to appeal to consumers facing a suddenly bleaker economic backdrop.
SSS to launch COVID-19 calamity loan program on April 24 [Philippine Daily Inquirer, April 15, 2020]
By next week, the Social Security System (SSS) will offer calamity loan to members grappling with the lockdown imposed due to the COVID-19 pandemic.
Source:https://business.inquirer.net/294830/sss-to-launch-covid-19-calamity-loan-program-on-april-24
BIR extends 2019 ITR filing, payment until May 30 [Philippine Daily Inquirer, April 15, 2020]
The Bureau of Internal Revenue (BIR) has further extended until May 30 the deadline to file and pay 2019 income tax returns (ITRs) after the government pushed back the lifting of the ongoing enhanced community quarantine in Luzon and other parts of the country to April 30.
Source:https://business.inquirer.net/294817/bir-extends-2019-itr-filing-payment-until-may-30
SEC flags crypto, tech investment scams [Philippine Daily Inquirer, April 15, 2020]
The Securities and Exchange Commission (SEC) has warned the public against groups illegally peddling investments with promise of high returns over a short period of time using cryptocurrencies, artificial intelligence (AI) and other new technologies.
Source: https://business.inquirer.net/294808/sec-flags-crypto-tech-investment-scams
San Miguel opens online store for Purefoods, Magnolia, Monterey [ABS-CBN News, April 15, 2020]
San Miguel Foods said it Wednesday it would accept online orders for its products, which can be picked up at branches of sister company Petron Treats.
GrabFood PH head says Pinoys ordering ‘a lot more food’ since lockdown [ABS-CBN News, April 15, 2020]
Ordering food online is fast becoming the norm in the country as many Filipinos continue to stay home amid quarantines imposed because of the novel coronavirus.
Labor dept to stop accepting cash aid applications as DOF begins wage subsidy program [ABS-CBN News, April 15, 2020]
The labor department will stop accepting cash aid applications for formal sector workers starting Wednesday as the Department of Finance begins to implement its program for small businesses, an official said.
Gov’t, employers discuss minimum hazard pay for private hospital nurses, doctors amid viral post [ABS-CBN News, April 15, 2020]
The Department of Labor and Employment and concerned employers are now discussing the possibility of imposing a minimum hazard pay rate for private hospitals. The Department of Health said this after a netizen posted on Twitter that nurses working for a private hospital only received a hazard pay of P200 for half of the month.
Build, Build, Build rail projects get IATF greenlight to proceed despite lockdown: Tugade [ABS-CBN News, April 15, 2020]
Construction will resume for the government’s flagship railway projects despite lockdowns in the country to prevent the spread of the coronavirus disease 2019 (COVID-19), Transportation Secretary Arthur Tugade said on Wednesday.
Global creditors agree on debt relief for poor countries hit by COVID-19 pandemic [ABS-CBN News, April 15, 2020]
Major international creditors will relieve the world’s poorest countries of debt payments this year to help them deal with the coronavirus pandemic that has sparked the steepest downturn in the global economy since the 1930s, France announced on Tuesday.
Japan firm offers spouses apartments to avoid ‘coronavirus divorce’ [ABS-CBN News, April 15, 2020]
Worried about a “coronavirus divorce”? An enterprising Japanese short-term rental firm is marketing its empty apartments as a way for stressed couples to get some time apart during the virus lockdown.
Non-essential businesses warned against reopening during lockdown [ABS-CBN News, April 15, 2020]
The Department of the Interior and Local Government (DILG) warned Wednesday against the reopening of non-essential businesses in Luzon as it reminded the public on the extended lockdown until April 30.
Global airlines’ estimated coronavirus losses rise to $314 billion [ABS-CBN News, April 15, 2020]
Estimated global airline losses from the coronavirus pandemic have climbed to $314 billion, 25% more than previously forecast, owing to the severity of the economic downturn and a slower than previously expected reopening of international routes.
Pharma giants Sanofi, GSK working on COVID vaccine for 2021 [ABS-CBN News, April 15, 2020]
Pharma giants Sanofi and GlaxoSmithKline will join forces to work on a coronavirus vaccine they hope will enter clinical trials this year, potentially making it available in the second half of 2021, the companies said Tuesday.
Manila HealthTek aims to produce 8,000 UP-developed coronavirus test kits daily [ABS-CBN News, April 15, 2020]
Medical research company Manila HealthTek Inc. said Tuesday it aims to produce 8,000 coronavirus test kits per day, which will be distributed to different local government units (LGUs).
Coronavirus pandemic causing deep recession, and it could get worse: IMF [ABS-CBN News, April 15, 2020]
The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday.
Pagcor transmits P14.5B to Office of President for COVID-19 fight [Philippine Daily Inquirer, April 14, 2020]
In a press statement, Pagcor said it transferred last Monday (April 13) an additional P6 billion for President Rodrigo Duterte’s socio-civic funds project, which brought the agency’s total contribution to the Office of the President to P14.5 billion.
SEC tightens rules on bulk corporate asset sale [Philippine Daily Inquirer, April 14, 2020]
In an en banc meeting held on April 7 through video conferencing, the SEC approved rules requiring the approval of two-thirds of shareholders for the sale or disposal of properties and assets amounting to at least 51 percent of a corporation’s total assets.
Source: https://business.inquirer.net/294728/sec-tightens-rules-on-corporate-asset-sale
SEC gives foreign firms leeway on security deposits [Philippine Daily Inquirer, April 14, 2020]
In a memorandum circular dated March 26, the SEC allowed branch offices of foreign corporations that are duly licensed to do business in the Philippines 30 days from the lifting of the ECQ to submit the initial deposits originally falling due during the ECQ period.
Source:https://business.inquirer.net/294725/sec-gives-foreign-firms-leeway-on-security-deposits
Top creditors to suspend poorest countries’ debt payments, France says [ABS-CBN News, April 14, 2020]
Major international creditors have agreed to suspend debt payments owed by the poorest countries this year, throwing a financial lifeline to help cope with the coronavirus crisis, France’s finance minister said on Tuesday.
Philippines eyes fresh borrowings to augment COVID-19 war chest: finance dept [ABS-CBN News, April 14, 2020]
The Philippines is considering additional borrowings of up to $5.7 billion (P288 billion) to augment its “sizeable but not inexhaustible” resources to fight the COVID-19 pandemic, a finance official said Tuesday.
San Miguel builds COVID-19 isolation facilities near military hospitals [ABS-CBN News, April 14, 2020]
San Miguel Corp said Tuesday it was building 10 emergency quarantine facilities near military hospitals to house personnel who tested positive for COVID-19 and to help ease congestion in health facilities.
PLDT extends payment periods, suspends disconnections until April 30 [ABS-CBN News, April 14, 2020]
Payment periods for PLDT bills will be “stretched” while disconnection for overdue accounts will be suspended until the end of the Luzon lockdown on April 30, the telco said Tuesday.
Philippines to pay debt despite COVID-19 crisis: finance chief [ABS-CBN News, April 14, 2020]
The Philippines “has not and will not consider a moratorium on the national government’s debt obligations despite the 2019 coronavirus (COVID-19) pandemic,” the country’s finance chief said on Tuesday.
Budget dept.: P6.2 billion released to aid provincial response to COVID-19 [ABS-CBN News, April 14, 2020]
The Department of Budget and Management on Tuesday said it has released P6.197 billion to cover the funding requirements for the one-time financial assistance to provinces.
PAGCOR remits P6 billion more to COVID-19 response fund [ABS-CBN News, April 14, 2020]
The Philippine Amusement and Gaming Corp said Tuesday it transferred another P6 billion to the Office of the President for the country’s COVID-19 response. PAGCOR has also been donating food packs, personal protective equipment and other medical essential to frontliners, said its chairman and CEO Andrea Domingo.
Source:https://news.abs-cbn.com/business/04/14/20/pagcor-remits-p6-billion-more-to-covid-19-response-fund
Government approves cash aid for small businesses’ workers [ABS-CBN News, April 14, 2020]
Workers of small businesses can receive cash aid from the government, Cabinet Secretary Karlo Nograles said Tuesday in response to the call of middle-income employees for help due to the coronavirus pandemic.
Construction recovery from lockdown may take 1-2 months: Megawide [ABS-CBN News, April 14, 2020]
Construction in the Philippines will take 1 to 2 months to fully recover from the coronavirus lockdown that shut most businesses and required people to stay at home, builder Megawide said Tuesday.
Gov’t looking at localized reopening of economy after April 30 lockdown lapse: Leachon [ABS-CBN News, April 14, 2020]
An adviser to the Inter-Agency Task Force on COVID-19 said on Tuesday that the government is studying the possibility of easing or lifting lockdowns in some areas to restart the economy while addressing the pandemic.
COVID-19 aid: Dominguez says no cash for middle class, but wage subsidies for MSMEs [Philippine Daily Inquirer, April 13, 2020]
Finance Secretary Carlos G. Dominguez III on Monday (April 13) expressed doubt the middle class would get the same dole out program as that for 18 million poor families, which would get a total P205 billion in cash as enhanced community quarantine against COVID-19 kept millions of workers out of their jobs.
Locsin says nurses with existing contract abroad may now leave [ABS-CBN News, April 13, 2020]
Nurses and other health workers with existing work contracts abroad can now leave the Philippines, according to Foreign Affairs Secretary Teodoro Locsin Jr.
‘Rice ATM’ feeds Vietnam’s poor during lockdown [ABS-CBN News, April 13, 2020]
A Vietnamese entrepreneur in Ho Chi Minh City has invented a 24/7 automatic dispensing machine providing free rice for people out of work following an ongoing nationwide lockdown to curb the spread of the novel coronavirus.
Source:https://news.abs-cbn.com/business/04/13/20/rice-atm-feeds-vietnams-poor-during-lockdown
P30.8 billion released for cities, municipalities to fight COVID-19: DBM [ABS-CBN News, April 13, 2020]
The Department of Budget and Management on Monday said it released P30.8 billion to support cities and municipalities in their fight against COVID-19.
Not just masks: Lazada PH says demand for snacks surged amid COVID-19 crisis [ABS-CBN News, April 13, 2020]
Lazada Philippines is trying to keep up with the sudden spike in demand for snacks during the coronavirus-induced lockdown.
PLDT donating 30 vehicles to military’s COVID-19 frontliners [ABS-CBN News, April 13, 2020]
PLDT said Monday it is donating 30 service vehicles to the Armed Forces of the Philippines for use in anti-COVID-19 operations.
Angat Dam has ‘enough’ water supply this summer: NWRB [ABS-CBN News, April 13, 2020]
Angat Dam has enough water supply to serve Metro Manila customers during the dry season, the National Water Resources Board executive director said Monday. The water level at Angat Dam is currently at 198.15 meters, or 4 meters higher compared to the same period last year, NWRB executive director Sevillo David Jr told DZMM.
Source:https://news.abs-cbn.com/business/04/13/20/angat-dam-has-enough-water-supply-this-summer-nwrb
Spain readies reopening parts of economy [ABS-CBN News, April 13, 2020]
A man wearing a face mask comes out of a train at the Atocha Station in Madrid, Spain on Monday as some companies were set to resume operations at the end of a two-weeks halt of all non-essential activity amid a national lockdown to stop the spread of the COVID-19. The death toll from the pandemic has slowed in some of the worst-hit countries, with Spain readying to reopen parts of its economy as governments grapple with a once-in-a-century recession.
Source:https://news.abs-cbn.com/overseas/multimedia/photo/04/13/20/spain-readies-reopening-parts-of-economy
ADB triples COVID-19 aid package to $20 Billion [ABS-CBN News, April 13, 2020]
The Asian Development Bank on Monday announced that it is tripling the size of its response to the COVID-19 pandemic to $20 billion. The ADB said the package will be available to member countries so that they can counter COVID-19’s impact on health and the economy.
Source:https://news.abs-cbn.com/business/04/13/20/adb-triples-covid-19-aid-package-to-20-billion
DOTr to use Lopez Group’s P100-M donation for quarantine center for seafarers, OFWs [ABS-CBN News, April 13, 2020]
The Department of Transportation (DOTr) is set to start retrofitting a passenger terminal at the Manila South Harbor into a COVID-19 quarantine facility following a P100-million donation from the Lopez Group’s First Philippine Holdings (FPH).
Transport dept’s COVID-19 efforts get P100M boost from Lopez Group [ABS-CBN News, April 13, 2020]
The Lopez Group’s First Philippine Holdings has pledged P100 million to the government’s COVID-19 response effort, the Department of Transportation said.
Health workers right to travel ‘takes backseat’ to COVID-19 emergency: POEA [ABS-CBN News, April 13, 2020]
The right to travel “takes a backseat” to public welfare during the COVID-19 pandemic, the government agency that suspended the overseas deployment of health workers said Monday.
Donut chains J.Co, Krispy Kreme reopen select stores for delivery, pickup [ABS-CBN News, April 13, 2020]
After Dunkin, two more donut chains have reopened select stores in the Philippines as the enhanced community quarantine continues. In posts on their respective social media pages, J.Co and Krispy Kreme announced that customers can order from a limited menu for pickup and delivery starting Monday, April 13.
Virgin Galactic to run as a critical infrastructure business during pandemic [ABS-CBN News, April 13, 2020]
Billionaire Richard Branson’s space tourism company Virgin Galactic Holdings Inc will keep running as a critical infrastructure business, even as many US states in which it operates have mandated business closures during the coronavirus outbreak.
Saudi Arabia extends coronavirus curfew, UAE warns on worker repatriation [ABS-CBN News, April 13, 2020]
Saudi Arabia indefinitely extended a curfew due to the coronavirus on Sunday amid a surge of new infections, and the United Arab Emirates warned of possible action against countries refusing to allow migrant workers to be repatriated.
Dentistry during Luzon lockdown: Emergency procedures only, triaging before treatment
[ABS-CBN News, April 13, 2020]
Filipino dentists are looking at a new norm of their practice amid the COVID-19 pandemic, the Philippine Dental Association said Monday.
Disney World furloughing 43,000 workers [ABS-CBN News, April 13, 2020]
Walt Disney World in Florida plans to furlough about 43,000 workers after it closed last month because of the coronavirus pandemic, the company and a union coalition representing the workers said.
Source:https://news.abs-cbn.com/business/04/13/20/disney-world-furloughing-43000-workers
China delays mask and ventilator exports after quality complaints [ABS-CBN News, April 13, 2020]
Chinese officials have begun inspecting every shipment of N95 respirators, ventilators and other medical supplies for quality issues before export, a policy likely to delay the arrival of critical gear at hospitals around the world that are struggling to cope with the coronavirus pandemic.
San Miguel boss Ramon Ang’s son Jomar passes away [ABS-CBN News, April 13, 2020]
Ramon Ang on Monday said his son Jomar died last April 11.
A private service was held April 12 on Easter Sunday, the San Miguel Corp president and CEO said. Jomar Ang is CFO of his father’s car dealership business, RSA Motors.
Source:https://news.abs-cbn.com/business/04/13/20/san-miguel-boss-ramon-angs-son-jomar-passes-away
Oil, equities slip as OPEC+ cut fails to lift confidence [ABS-CBN News, April 13, 2020]
Oil prices and US stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook.
Source:https://news.abs-cbn.com/business/04/13/20/oil-equities-slip-as-opec-cut-fails-to-lift-confidence
Top oil producers agree on ‘historic’ cuts amid coronavirus crisis [ABS-CBN News, April 13, 2020]
Top oil-producing countries agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.
BPO industry in Philippines seen benefitting as firms abroad cut costs due to pandemic [ABS-CBN News, April 13, 2020]
The Philippines’ business process outsourcing industry may stand to benefit from the “next wave” of outsourcing as companies around the world cut costs due to the COVID-19 pandemic, an industry expert said on Sunday.
Philippine Chamber bats for mass testing, food security, loans for small businesses [ABS-CBN News, April 12, 2020]
One of the Philippines’ biggest business groups called on the government to implement mass testing, aim for food security, and provide small businesses easier access to loans as large parts of the country remained on lockdown for the fourth week.
‘Soft landing’ for economy: Bangko Sentral signals deeper interest rate cuts [ABS-CBN News, April 12, 2020]
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday the benchmark interest rate should be cut deeper as the Philippines works for a “soft landing” from the COVID-19 pandemic.
Pandemic a ‘perfect storm’ for South Asia, World Bank says [ABS-CBN News, April 12, 2020]
South Asia is on course for its worst economic performance in 40 years, with decades of progress in the battle against poverty at risk, because of coronavirus, the World Bank said Sunday.
Source:https://news.abs-cbn.com/business/04/12/20/pandemic-a-perfect-storm-for-south-asia-world-bank-says
SM boss bats for ‘gradual return’ of businesses, transportation services [ABS-CBN News, April 11, 2020]
Filipinos need stable employment to survive the coronavirus pandemic, an area in which businesses and the private sector can help, a Philippine business tycoon said Saturday.
Online ‘pabili’ answers lockdown needs, helps displaced drivers; PNP says violates guidelines [ABS-CBN News, April 11, 2020]
While app-based motorcycle deliveries of food and other basic goods are allowed under the Luzon lockdown due to COVID-19, expectant mom Meg Liggayu opts to have her food cravings and vitamins delivered through a “pabili” service, where orders are made online and goods are delivered in exchange for a fee.
Virtual palengke is ‘new normal’ during coronavirus lockdown [ABS-CBN News, April 10, 2020]
Tired of canned food and fearing constipation, Rowie Catuba clicked for a few days’ worth of fruits and vegetables, one of many first time online shoppers of produce during the Philippines’ coronavirus lockdown.
‘COVID-19 hit us in a very hard way’: Dominguez says negative growth in 2020 possible [ABS-CBN News, April 09, 2020]
The Philippines’ finance chief said on Thursday the country has been hit hard by the COVID-19 health crisis and that the economy may not experience any growth this year.
Duterte warns landlords, lessors vs evicting tenants amid COVID-19 crisis [ABS-CBN News, April 09, 2020]
President Rodrigo Duterte early Thursday warned landlords and lessors against evicting tenants and lessees amid the coronavirus pandemic, which has forced most workers and businessmen to stop their normal operations and leading to loss of income.
‘Overwhelming reception’ causes Starbucks PH to pause operations anew [ABS-CBN News, April 09, 2020]
Hours after announcing that it has reopened select branches in the Philippines for drive-thru, Starbucks paused operations once again. The coffee chain cited the “overwhelming reception” from customers in a statement posted on its Facebook page on Thursday.
BIR: Donations to COVID-19 response tax-deductible [Philippine Daily Inquirer, April 9, 2020]
This is according to Revenue Regulations No. 9-2020, published on Wednesday and signed by Finance Secretary Carlos Dominguez III and Internal Revenue Commissioner Caesar Dulay, which listed the tax exemptions of donations given during the enhanced community quarantine imposed in Luzon and other areas until April 30.
Source:https://business.inquirer.net/294496/bir-donations-to-covid-19-response-tax-deductible
NEA backs electric co-ops’ plea for relief [Philippine Daily Inquirer, April 9, 2020]
The National Electrification Administration (NEA) is backing an appeal by electric cooperatives for an indefinite extension—indefinitely or until their business operations return to normal—of the deadline for them to pay their obligations to power generation and transmission companies.
Source: https://business.inquirer.net/294467/nea-backs-electric-co-ops-plea-for-relief
If you wish to get a copy of the complete texts of the above issuances, send us an email thru taxseminars@dmdcpa.com.ph.
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